Newsroom & Financials

CoBank Reports Third Quarter Financial Results

Posted 11/6/2017

CoBank today announced financial results for the third quarter and first nine months of 2017.

Net income for the third quarter was $211.6 million, compared to $231.7 million for the same period last year. The 9 percent decrease resulted primarily from balance sheet positioning activities by the bank, including an increase of $22.8 million in losses on early extinguishments of debt net of prepayment income. For the first nine months of the year, net income increased 2 percent to $734.2 million, primarily due to higher net interest income as well as lower provisions for loan losses and income taxes.

Net interest income for the quarter rose by 1 percent to $338.5 million, primarily driven by higher average loan volume offset by slightly lower margins in the bank's loan portfolio. For the first nine months of the year, net interest income increased 2 percent to $1,041.8 million. In addition to lower margins, a decrease in fair value accretion income related to CoBank's 2012 merger with U.S. AgBank also negatively impacted net interest income in both the quarter and year-to-date periods. Read more...

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